tv Forbes on Fox FOX News January 7, 2017 8:00am-8:31am PST
i want to thank you all. cost of freedom continues with david asman on the place for business, fox. >> . >> well, he won the election and he's almost sworn in as president, but the fight to stop donald trump's agenda rages on. president obama this week on capitol hill rallying democrats to protect obamacare from trump's election promise to repeal it. some here are saying the unprecedented visit and other last minute road blocks could delay reforms and our economic rebound, but are they right? hi, everybody, i'm david asman, welcome to forbes on fox and focus, with steve forbes, rich, mike ozanian, elizabeth macdonald and bruce. steve, it looks like president obama is trying to under mine the change americans voted for, no? >> that's absolutely right. what he's doing is
unprecedented. going back to john adams 200 years ago, did a lot of midnight appointments on judges. we've never seen a president what president obama is doing. that's where trump must not fall into the trap of defining, what he must do. repealed by executive order, do it. the others congressional approval, let it wait. move ahead on taxes, move ahead on reforming health care. do the deregulation by executive order, don't let obama set your timetable. >> well, bruce, we have a brain room at fox news, they're pretty good and they go back and find there are no examples of departing presidents who advise the party on the last two weeks of his presidency. >> well, i don't know if the brain room realizes this, but we might, this president obama might be the last adult that we have in the white house for a few years. >> ooh. >> let's put it this way. i want my president, i want
the taxpayers to get their money's worth out of their president and i think with the affordable care act as one example, i mean, this is something that the republicans want to toss out. they don't have a plan for replacement and i think he's shining a little light on all that's been accomplished and they're going to throw it out. >> by the way, i just had rand paul on fox business. he had a very specifically plan to replace obamacare, but we'll get into that later. rich, you're on the left coast and there are a bunch of hollywood celebrities put together a video this week and sums up the roadblock mentality. let's play the video. >> to use your congressional powers. >> to obstruct. >> obstruct. >> anything. >> anything. >> anything that violates our core values as americans. >> anything, anything, obstruct, it looks like president obama is listening to the folks. >> you know with the hollywood swells and the president have in common, they're all on
record as wanting higher fossil fuel prices so it's kind of irony, that the first-- the protests from the west coast results in banning off shore drilling in the atlantic ocean. but i think that the environmental groups want their say and that's what worries me most. >> yeah, well, e-mack, there are costs to this, as rich was indicating. the midnight regulations, just the regulations done after the election, supposedly cost $44 billion to america. >> i don't know how adult that is to do things like that when you're snorkeling and playing golf in hawaii and fulfilling your first tourist bucket list. nearly $100 million spent on president obama winging around the world. that's not adult to do that. nine out of ten jobs created since 2005 or so are part-time or contract jocks, according to princeton. those rules, if rules were the way to go, we were already be in the promised land.
>> that's right. >> that's taken out of the u.s. economy. it's taken out of the people who create jobs and boy, is it hurting economic growth. >> mike, there's also foreign policy and of course, there was that u.n. vote which the united states may have actually been a part of putting together, at the very least didn't stop it from happening, really tore down israel in the eyes of the united nations, anyway. paul ryan, house speaker paul ryan was very upset about it this week. let's take a listen to him. >> i am stunned, i am stunned at what happened last month. this government, our government abandoned our ally israel when she needed us the most. >> mike, that is a big foreign policy roadblock. >> well, president obama, in my view, david, has been acting recently like a contemptuous child. you know, he's still upset with the prime minister of israel for when he came--
>> a child theme going on in this show, go ahead, i'm sorry. >> he when came and spoke before congress against giving iran a pathway to nuclear bombs. president obama, for instance, the first time in modern history where the u.s. has no ships deployed. one of our navy is deployed. almost saying, go ahead, world, attack us, which is crazy given everything that's happening in the world. but he's not going to be able to stop donald trump from overturning obama's legacy. it's not going to happen. donald trump is too smart, too strong. if he was good enough to do it, they would have stopped trump from becoming president. >> john, say say the markets have already, maybe not stopped, but gotten stalled as a result of these road blocks. over the past three weeks, that trump rally that we saw right after the election, and then it kept going up, really got stalled in the last three weeks. it's just been flatlining just short of 20,000 on the dow. >> well, i'm not ready to tie the two together. i think part of this is incoming trump administration has gone a little wobbly on tax cuts and good things that they actually campaigned on,
but looking at president obama more broadly, republicans should play smart politics here. if he wants to embarrass himself by playing politics on the way out, if he wants to make the democratic party wear the disaster that was the affordable care act, let him do this. he's handing them a great opportunity. >> well, steve, what about the obamacare in particular, is there anything -- is there a poison pill or the opposite of a poison pill where they can keep it in, despite the best efforts of trump and the republican congress to get rid of it? >> no, congress passed the law, congress can repeal or amend the law. that's basic, nothing permanent. maybe mt. rushmore, that's it. in terms of legislation, even if they don't formally repeal obamacare, they can get rid of the employer mandate and odious parts of it. there are idea floating around about how to replace it and help people who need the real help. >> so, bruce, what's the point? >> in the case of the russian
cyber attack, i think he's doing donald a favor in the sense that he's levelling sanctions against russia, so trump, these are his buddies so he doesn't have to do it once he gets into office. >> rich, my point is that president obama's not going to get anywhere ultimately by the roadblocks. he may be harming the economy. he may be stopping the stock market from the trump rally, but bottom line, he's not going to stop the actions that trump want to take. so, why is he doing this? >> well, because he's a narcissist and he's doing it for his legacy. john is right, this is only going to hurt democrats in a very vulnerable 2018 election. and the 23 seats contested, the democrats are defending 25 of them, nine in red states. so, the republicans have a chance to get a veto proof senate in 2018. i think there may be something else, e-mack. you look at where-- you look at real estate. most presidents move out of
washington. this president just bought a big house in washington. >> right. >> i think he wants to stay in d.c. and actually affect changes going forward. >> he's going out in a blaze of self-glory is what's going on here. i don't think we've seen a president do that, just stick around and what that does is suppress the new democrat leadership that could come forward and in a bipartisan way try to make a positive change. that hasn't happened in years. >> by the way, mike, they say-- the obamas say they want their daughters to finish school there. i think there's something more going on, don't you? >> he can't stand the fact -- he made this election a referendum on his presidency and he got taken to the cleaners, totally whacked and look, he's a child, david, thinks like a child and throwing a temper tantrum and it's not going to work. >> all right, guys, a lot of temper tantrum talk today. major tax cuts could get delayed until late summer. why some here say that's way too late to get our economy booming again. we'll debate it next.
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>> a fox news alert from america's news headquarters in washington. good saturday morning, the fbi and other law enforcement wrapping up a news conference a short time ago. the investigation is extending beyond florida to other places in the u.s. this, while we're also learning that six victims remain in the hospital. three of them are in intensive care. the investigation also picking up steam. >> last night, we began to process the crime scene at terminal two. that process has concluded. >> more than 20,000 items were gathered inside the terminal and about 175 witnesses have been interviewed. also, passenger services resumed at the airport early this morning. thanks for watching. back to forbes on fox.
>> . >> you heard a lot about it during the campaign an across the board tax cut that jump start the economy on all levels. now, word that the trump tax plan could be delayed until at least august. and rich, you say these tax cuts should be job number one even more repealing obamacare. why? >> absolutely, job number one, because the best thing that trump can do in the next two years is to unleash entrepreneurs and investment in the united states and get economic growth well up over 3%. it's not-- we've not had one 3% year in obama's years. we've had the lackluster 2% growth. 3 trillion dollars of economic activity, you know, never happened because of obama. growth will give trump political capital and growth will create a sweep in the senate in 2018.
david: bruce, that's why tax cuts have to be job number one. you say? >> it will increase the deficit and debt and he has a problem in his own party with that. rand paul this week said he would not vote for a budget that included on obamacare repeal if it raised the debt. david: you know what happened in history? i hate to bring up facts like this, john, because they so contradict our friend bruce, but we had an increase in tax receipts after the reagan tax cuts. a 34 increase in tax receipts that goes against the debt. so when you have tax cuts, you can have even more income for the government if that's your interest. >> i'm not saying that's a good thing, but 1920's, 1960's, 1980's tax cuts when you reduce the cost of work, you get more revenues. whether or not that brings down the debt is a function of what congress does.
but this is essential. donald trump ran on some bad ideas and he ran on good ones. the tax cuts are the good ones, if he doesn't spend his political capital on this, big, big mistake. there is your slowdown in the stock market. david: mike, the folks out there, what they need right now is more income. median income is going down and one way to get it is pay taxes. look at this, median income was $58, 827 and now 58, 221. >> we haven't gotten to pre-recession levels. from obama's failed, take home pay hasn't rebounded to where it would be. i refear donald trump to get the tax cut right than by faster. by right, i mean, big, bold, incentive-based. i want marginal rates cut down and on personal income, i want the corporate rate cut to at least 15%.
corporate taxes should be zero anyway, david. they're nothing, but a pass-through tax. david: e-being ma -- e-mack, here is what happened when ronald reagan delayed. negative 1.9% growth, but in '83, the year the tax cuts kicked in, we had 4.6% growth. in '84, 7.3% and from then on no less than 3 1/2%. we haven't had more than 3% growth in any year of the obama administration. you're right, pre-world war ii. same thing with john f. kennedy, the growth popped. what's happening is the government is taking money out of your pockets for what? for union workers to work at home? i'm sorry, i'm so upset with that story. look at the trend line in job growth. the jobs created in the last month down from 250k, 240k in
2014. the wage growth is at bill clinton levels, mid 1995 levels. david: well, steve, even some supply siders and steve, one of the economic advisors, believes in the power of lowering taxes, he says that maybe you should segment these tax cuts. start with one thing and go to another. let's play a sound bite of him on fbn. >> i would do the tax cut first and try to get that fund, the jobs program, business tax cuts. >> you know, democrats will call it helping corporations tax cut. they're going to say it's all-- they're going to turn it into politics. david: steve, you and i both love steve very much, do you think he's right or wrong on this? ments they should go for both so you don't open up yourself to political attack. they don't have to wait until august. lower marginal tax rates across the board. cap deductions and get that
corporate tax rate down. don't wait. if you don't get to done quickly and make it retroactive and seeing immediate benefits from trump going in. david: just about everybody in the media wants trump to fail. they wouldn't say that, but we know they want trump to fail. if he doesn't get the economy moving immediately they're going to say this guy is a failure. >> that's absolutely right, david. that's why he has to create momentum early and the best way to do that is to get economic growth and stock market growth and, you know, revive the animal spirits in the economy and you do that through tax cuts. david: do it now. the cashin' in gang getting ready to roll at the bottom of the hour. eric, what have you got. >> david, donald trump pushing lawmakers in both parties to do his job. and that message might proof he's putting american people above. and one fashion thanked
melania trump for wearing theirs. and one comparing her to hitler's wife. david: thank you, eric. major climatologist leaving her teaching job over what she calls the craziness of money and politics and the lack of actual science. that just the tip of the iceberg? that's coming next. i work 'round the clock. i want my blood sugar to stay in control. i want to trim my a1c. when my schedule changes... i want something that delivers. (woman) ♪ tresiba ready... (avo) tresiba® is used to control high blood sugar in adults with diabetes. don't use tresiba® to treat diabetic ketoacidosis, during episodes of low blood sugar, or if you are allergic to any of its ingredients. don't share needles or insulin pens. don't reuse needles. the most common side effect is low blood sugar, which may cause dizziness, sweating, confusion, and headache. check your blood sugar.
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10-year job in academia, she says it's the craziness in the field where she says funding and rewards are given to projects only if they're channeled in certain directions approved by the politicized academic establishment, her words. it often becomes a battle of scientific integrity versus career suicide. steve, you says it proves that climate science is more about money and politics than it is about science? >> absolutely, more and more they're relying on models that don't predict the future very well so they can't win politically, they couldn't get their energy taxes through and now they're engaging in the equivalent of the spanish inquisition or mao, and they can't win the argument so they try to destroy you. she's the latest victim of it. david: bruce, i'm not a scientist, you're not a scientist, but she is and she's got incredible credentials and you look at her resume'. i don't know of anybody that has credentials as high in the field as she does.
she is what she's saying and she's on the inside. >> well, i don't know if we need any of these academics because we have a president who believes it's a chinese hoax. listen, climate change is real and glaciers are melting and waters are rising and if i lived in miami i'd head to higher ground. david: and some are doing it for academic power, right? >> of course. let's get beyond that and realize 44% of the world's population lives in the very coastal cities, the warmest like bruce and other scientists say are going to go underwater in a few years. can all of the world's combined knowledge be that slim and a few scientists that smart? the very notion is ridiculous. it's not a chinese hoax, it's much worse than that. david: e-mack, this is significant. this woman's letter goes on and on about specific cases where politics trumps science. >> yeah and she was questioning the use -- if she questions the use of computer
models or that weather is a big complex system then you're called a climate change de denier. that's the same as being called a holocaust denier, very nasty. david: they're looking at ways to get you without the signs that contradict your believes. >> i'm with george carlin that the earth is 4.5 billion years old and it survived all kind of bad weather and ice age, earthquakes. we've only about here 200,000 years, is a little co 2 going to damage the earth? no. david: rich, 15 seconds, go ahead. >> yeah, news week had a cover story in the 1970's about the great global cooling threat. so that tells you everything you need to know. david: before we go, we did get a statement from georgia tech. they told us, quote, professor curry has been a respected member of our community for many years. we're grateful for her
>> it can be volatile. david: there is volatility. that's it for forbes on fox. thanks for watching. keep it here the number one business block continues with eric bolling and cashin' in. > >> look out lawmakers, president-elect donald trump will hold everyone's feet to the fire. and trump tweeted this, with all that congress has to work on do they have to make the weakening of the independent ethics watch dog, as unfair as it may be, their number one priority. how about taxes and health care of of far greater importance. and republicans reversed course. is this a good thing for america? hi, everyone, welcome to cashin' in. including mercedes, rachel. jessica, welcome, everybody.